BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2019

BORROWINGS [Abstract]

Outstanding Borrowings

Outstanding borrowings at December 31 are as follows:

(000’s omitted)	2019		2018
Overnight FHLB borrowings	$	8,300	$	54,400
Subordinated notes payable, net of premium of $795 and $0, respectively		13,795		0
Subordinated debt held by unconsolidated subsidiary trusts		77,320		97,939
Securities sold under agreement to repurchase, short term		241,708		259,367
Other FHLB borrowings		3,750		1,976
Total borrowings	$	344,873	$	413,682

Borrowings by Contractual Maturity Dates

Borrowings at December 31, 2019 have contractual maturity dates as follows:

(000’s omitted, except rate)	Carrying Value		Weighted-average Rate at December 31, 2019
January 2, 2020	$	250,008		0.82	%
June 15, 2020		1,000		1.75	%
February 8, 2021		675		1.45	%
February 8, 2023		190		1.79	%
July 3, 2023		549		2.25	%
October 23, 2023		455		1.50	%
October 1, 2025		302		1.50	%
November 18, 2025		10,467		6.38	%
February 28, 2028		3,328		6.00	%
March 1, 2029		579		2.50	%
December 15, 2036		77,320		3.54	%
Total	$	344,873		1.65	%

Terms of Preferred Securities

As of December 31, 2019, the Company sponsors one business trust, Community Capital Trust IV (“CCT IV”), of which 100% of the common stock is owned by the Company.  The Company previously sponsored MBVT Statutory Trust I (“MBVT I”) and Kinderhook Capital Trust (“KCT”) until September 16, 2019 when the Company exercised its right to redeem all of the MBVT I and KCT debentures and associated preferred securities for a total of $20.6 million and $2.1 million, respectively.  The common stock of MBVT I was acquired in the Merchants Bancshares, Inc. (“Merchants”) acquisition and the common stock of KCT was acquired in the Kinderhook Bank Corp. (“Kinderhook”) acquisition.  The Company previously sponsored Community Statutory Trust III (“CST III”) until July 31, 2018 when the Company exercised its right to redeem all of the CST III debentures and associated preferred securities for a total of $25.2 million.  The trusts were formed for the purpose of issuing company-obligated mandatorily redeemable preferred securities to third-party investors and investing the proceeds from the sale of such preferred securities solely in junior subordinated debt securities of the Company.  The debentures held by each trust are the sole assets of such trust.  Distributions on the preferred securities issued by each trust are payable quarterly at a rate per annum equal to the interest rate being earned by the trust on the debentures held by that trust and are recorded as interest expense in the consolidated financial statements.  The preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures.  The Company has entered into agreements which, taken collectively, fully and unconditionally guarantee the preferred securities subject to the terms of each of the guarantees.  As of December 31, 2019, the terms of the preferred securities of CCT IV are as follows:

Trust	Issuance Date	Par Amount	Interest Rate	Maturity Date	Call Price
CCT IV	12/8/2006	$75.0 million	3 month LIBOR plus 1.65% (3.54%)	12/15/2036	Par